The Real Deal New York

Levy sues Swig over construction funds

June 10, 2009 08:32AM

Yair Levy, who pleaded guilty last month to harassing Kent Swig with an ice bucket during a business meeting, is now suing Swig. Levy filed a lawsuit in Manhattan State Supreme Court this week claiming that Swig allegedly siphoned off $50 million in Sheffield57 construction funds for personal uses. The suit also alleges Swig paid his company Swig Equities millions in commissions. According to the suit, Levy, Swig and Serge Hoyda are in default on at least $100 million in loans. “Yair Levy and Serge Hoyda, investors in the Sheffield Sponsor, have been victimized by Kent Swig, who took millions in loan advances from the senior lenders, Wells Fargo and Guggenheim, when those lenders knew Swig was vastly over budget and knew or should have known that Swig was using the loan proceeds for personal purposes,” said Stephen Meister, Levy’s lawyer.

Comments are closed.